In September 2018, The Government of Turkey amended citizenship by investment regulations cutting the investment amount by 50% encourage foreign direct investment. The regulations were published official gazette dated 18 Sep 2018.
A total of 210 foreign investors have applied for Turkish citizenship under the investment scheme after the country eased the process, the interior minister said on Thursday.
Speaking to Anadolu Agency following his visit to Provincial Directorate of Migration Management in Ankara, Süleyman Soylu said: “On Oct. 22, first efforts started for testing. Until Oct. 30, 210 applications were made in Istanbul and Ankara.”
The interior ministry had announced that it would open special service offices to ease citizenship or long-term residence permit procedures for foreign investors.
He further added once the investors who meet the requirements apply for citizenship via the special offices assigned for it, in various provinces of Turkey, their procedures would be completed in 45 days.
Turkish Citizenship by investment program was introduced by the government on 12th January 2017 granting grant citizenship to foreigners who buy real estate in Turkey worth at least $1 million and hold the property for three years. Since then Turkey had significantly cut prices reducing $1 million to $250,000 to qualify for citizenship.
According to the new amendments, foreigners buying real estate or invest in any of the following options will be eligible for turkish citizenship by investment
- Real Estate: Buy real estate atleast $250,000 not sold for 3 years
- Bank Deposit: Deposit atleast $500,000 in Turkish banks
- Government bonds: Buy $500,000 Turkish government bonds locked for 3 years
- Venture capital share: Buy $500,000 worth of VC fund share
- Employment: Employ atleast 50 people
Real estate
The real estate sector in Turkey is expected to receive a significant boost from the citizenship program.
In September 2018, 127 327 houses were sold in Turkey, according to statistics office. In September 2018 alone, 5 615 houses were sold to foreigners
- İstanbul was the first province with 1 799 sales in September 2018.
- Antalya with 1 038 house sales,
- Bursa with 424 house sales,
- Ankara with 386 house sales and
- Yalova with 333 house sales.
Iraqi citizens bought 1 351 houses from Turkey in September. The followers of Iraq were Iran with 538 house sales, Kuwait with 360 house sales, Saudi Arabia with 312 house sales and Germany with 299 house sales.
